Can I make a "Do It Yourself" estate plan?
The phrase "Do It Yourself" calls to mind weekend trips to Home Depot and saving money. And while some aspects of home improvement may be proper to do yourself (e.g., painting walls or building a patio), things get trickier when you try to act as a plumber, excavator, or electrician. Performing those tasks incorrectly — resulting in broken gas mains or electrical shocks — could have disastrous consequences.
(Forbes has published several famous do-it-yourself estate planning horror stories)
The same is true of "Do It Yourself" (or "DIY") estate planning. Although do-it-yourself estate planning services may seem like a bargain, just remember: you get what you pay for. In many cases, these services merely provide generic forms that do not take into account your financial situation, family relationships, tax consequences, and other important factors. More than all of those things, however, the number one argument against using a do-it-yourself estate planning service is this: the documents may not comply with the legal requirements in your state.